Nifty expired September series near 5000. Nifty opened a big gap down ahead of world markets and then short covering with help of bank nifty helped to recover. short covering seen in banking stocks.Chandrayan Mission successfully found water in moon which is a great milestone for Indian space agency.As result season nearing investors are hopeful to have better Q2 ahead of better advance tax numbers.Foreign institutions crossed 10000 crores in last 10 trading sessions which suggest they bet on Indian markets rather than other world markets which will perform well.
INSTITUTIONAL ACTIVITY :: FII ( +1,061cr) ::: DII (-616 cr)
Nifty View ::
Nifty expired around 5000,but technically I said it will be above but missed though. we saw a inverse head and shoulder pattern in nifty 5 minute chart yesterday with neckline around 4925 gave some good profits.volatile index dropped yesterday .Nifty october series closed in huge premium.Market might be again a range bound here where we can expect some profit booking from FII side this time.only monthly trend and impulse state not supporting the upmove rest all indicators for good move on upside. Longs have strict SL @ 4880.
Bearish > 4997 < Bullish
Positional Picks ::
BUY MAHINDRA UGINE @ 41-40 SL 38 (closing basis) TGT 47 - 50
Happy Trading !!!
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